Q1 earnings are surprising to the upside, AI infrastructure spending is accelerating toward $1 trillion, and semiconductor companies now make up nearly 20% of the S&P 500.

In this week’s market update, we break down:

• S&P 500 earnings growth tracking above expectations

• Rising forward earnings estimates for 2026 and 2027

• AI capex becoming one of the largest industrial buildouts in U.S. history

• The sustainability of semiconductor companies capturing a disproportionate share of AI profits

• Why supply constraints in chips and memory support current pricing power and margins, but are inviting new competition

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